3 things I wish I knew starting out as a new agent

[OregonDuckLaw]

These are my 3 items, would love to hear from others on what their 3 are. Thought this thread might help some new agents just starting out in the business.

1) Commission Levels vary GREATLY with different agencies. Don't blindly sign up without comparing commission levels
2) Be prepared to invest a fair amount of money on leads. (This is why #1 is so important)
3) Stay on top of NSF's/Lapses to avoid chargebacks

Hope this helps!

 

[DayTimer]

These are my 3 items, would love to hear from others on what their 3 are. Thought this thread might help some new agents just starting out in the business.

1) Commission Levels vary GREATLY with different agencies. Don't blindly sign up without comparing commission levels
2) Be prepared to invest a fair amount of money on leads. (This is why #1 is so important)
3) Stay on top of NSF's/Lapses to avoid chargebacks

Hope this helps!

I am in my 3rd year as a licensed agent, but I've only been full time for 10 months or so. Certainly nothing controversial about those three points.

So long as one signs with an IMO/Agency who posts regularly to this forum, one will probably get treated well with respect to commission levels.

Certainly a steady flow of leads makes life much easier than it would otherwise be if one had to do nothing but cold knock, but I believe that one could still make six figures net as a cold knocker if one had the work ethic to get out there and walk the walk each day.

As for NSF's/lapses, I try to save every one I can. I have not saved them all, but I make it a point to get in my car and get eyeball to eyeball with anyone who NSF's/cancels to try to save it. As of today, I have saved 7/11 of my NSF's - though I may be off on that as I had one lapse/cancel with RNA about which I was not notified by the company until I got a letter last week telling me about a $188 charge back. So I guess I am actually 7/12.

I am not nearly as successful at saving the not takens - I am only 1 for 7 on not takens. Most of the time the prospect who decides not to take the policy becomes a ghost unicorn never to be seen nor heard from again (until they send me the damn lead card back in lol).

I can tell you one thing I wish I knew: I wish I knew how to speak fluent spanish!

 

[rollinghills]

Good stuff - thanks.

 

[Thad.Sipple]

I am in my 3rd year as a licensed agent, but I've only been full time for 10 months or so. Certainly nothing controversial about those three points.

So long as one signs with an IMO/Agency who posts regularly to this forum, one will probably get treated well with respect to commission levels.

Certainly a steady flow of leads makes life much easier than it would otherwise be if one had to do nothing but cold knock, but I believe that one could still make six figures net as a cold knocker if one had the work ethic to get out there and walk the walk each day.

As for NSF's/lapses, I try to save every one I can. I have not saved them all, but I make it a point to get in my car and get eyeball to eyeball with anyone who NSF's/cancels to try to save it. As of today, I have saved 7/11 of my NSF's - though I may be off on that as I had one lapse/cancel with RNA about which I was not notified by the company until I got a letter last week telling me about a $188 charge back. So I guess I am actually 7/12.

I am not nearly as successful at saving the not takens - I am only 1 for 7 on not takens. Most of the time the prospect who decides not to take the policy becomes a ghost unicorn never to be seen nor heard from again (until they send me the damn lead card back in lol).

I can tell you one thing I wish I knew: I wish I knew how to speak fluent spanish!

Spanish leads rock.

 

[shonceman]

These are my 3 items, would love to hear from others on what their 3 are. Thought this thread might help some new agents just starting out in the business.

1) Commission Levels vary GREATLY with different agencies. Don't blindly sign up without comparing commission levels
2) Be prepared to invest a fair amount of money on leads. (This is why #1 is so important)
3) Stay on top of NSF's/Lapses to avoid chargebacks

Hope this helps!

A sub point of #1 is don't just look at first year commish. What are the renewals? When am I vested for renewals? When do renewals stop, etc.?

 

[Thedude]

1. There is no secret sauce. Most of this job is activity + getting in front of people.
2. Negativity can destroy even the strongest agent. Surround yourself with people that don’t bitch all the time. They exist. Leave this forum ha
3. Pack your own lunch and stay away from McDonald’s and subway.

Can we keep the marketing posts out at least until the second page and keep with our nice format of 3 things ?

 

[Newby]

So long as one signs with an IMO/Agency who posts regularly to this forum, one will probably get treated well with respect to commission levels.

With all due respect to the active agencies on the forum because I do think everyone has a right to run their agency any way they want to. And the active forum agencies are much better than the industry in general, by far.

But no, agents should NEVER let their guard down when comparing commission levels. I have calls every single week from agents that are with good agencies but accepted lower commissions because they let their guard down and didn’t get the commission levels hammered out up front. Sometimes they are just 10 points down, sometimes more. But 10 points if they sell $4,000 in a week is $400! That is most of their lead money.

Most agencies (even the forum agencies) are allowing new agents who are still at the starting commission levels themselves (or even less) to recruit down lines. Those downlines are on low commissions very often.

Every new agent should pay very close attention to getting the commission grids in writing from EVERY agency he considers even from those of us active on the forum with a long history of treating agents right.

The most abused phrase in the insurance industry is “street level”. Do not settle for that as your answer to commission levels. You need numbers on a page.

Competition makes us all better. Use it to your advantage.

 

[mudhound]

Learn from old agents (Check)
Go as earned (Done in 10th year, BEST move i have ever made!!)
Do not place all your eggs in one basket

 

[sshafran]

1. It will take more time and effort than you initially think it will.
2. You can make more money than you initially think you can - this business can crush your expectations if you work hard.
3. It will be more worth it than you realize to keep working hard.

 

[DayTimer]

Go as earned (Done in 10th year, BEST move i have ever made!!)

I am making that transition on January 1 - most of my business is with 5 carriers. I am going to change to "as earned" with 3 of them, and keep 2 of them as advanced to keep the lights on and cash flow leads. My goal is that I write enough as-earned business with the other three during 2019 that by January 2020 I can go as-earned across the board.

1. It will take more time and effort than you initially think it will.
2. You can make more money than you initially think you can - this business can crush your expectations if you work hard.
3. It will be more worth it than you realize to keep working hard.

Good stuff @sshafran